Biden is set to announce plans to cancel $10,000 in student loan debt on Wednesday

President Joe Biden is poised to announce on Wednesday that he will write off $10,000 in student loan debt for millions of borrowers, according to sources familiar with the plan.

After months of weighing executive action, the president is expected to reveal his long-awaited decision after returning to the White House from a vacation in Rehoboth Beach, Delaware.

The action also includes extending the moratorium on federal student loan payments until January.

The White House would not confirm the upcoming announcement, the Associated Press first reported.

The president has said he will make a decision by August 31.

Biden faces growing pressure from progressive Democrats to write off an even larger share of debt for Americans who took out federal loans for college.

But some Democratic economists, including former Treasury Secretary Larry Summers, worry about the risk of canceling the 40-year high inflation debt.

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